Pricing Supplement No. 3 dated September 17, 2003
(to Prospectus dated August 6, 2003
and Prospectus Supplement dated August 6, 2003)		   Filed under Rule 424(b)(3)
File No. 333-107132

SLM Corporation
Medium Term Notes, Series A
Due 9 Months or Longer From the Date of Issue


Principal Amount:
$750,000,000
 
Floating Rate Notes:
ý
 
Fixed Rate Notes:
o

Original Issue Date:
September 24, 2003
 
Closing Date: September 24, 2003
 
CUSIP Number:
78442F BF4

Maturity Date:
September 15, 2006
 
Option to Extend Maturity:
ý No
 
Specified Currency:
U.S. Dollars
      If Yes, Final Maturity Date: o Yes      
Redeemable at the option of the Company:   ý    No   Redemption Price: Not Applicable.
    o    Yes   Redemption Dates: Not Applicable.
Repayment at the option of the Holder:   ý    No   Repayment Price: Not Applicable.
    o    Yes   Repayment Dates: Not Applicable.
Applicable to Floating Rate Notes Only:        

Floating Rate Index:
 
 
 
 
 
 
  o CD Rate   Index Maturity:    Three Months.
  o Commercial Paper Rate        
  o CMT Rate   Spread: Plus 20 basis points (0.20%).
  o Federal Funds Rate        
  ý LIBOR Telerate   Initial Interest Rate: TBD.
  o LIBOR Reuters        
  o Prime Rate   Interest Rate Reset Period: Quarterly.
  o 91-Day Treasury Bill Rate        

Reset Date(s):
Each March 15th, June 15th, September 15th and December 15th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning December 15, 2003.
 
Interest Payment Date(s):
Each March 15th, June 15th, September 15th and December 15th during the term of the Notes, subject to adjustment in accordance with the following business day convention, beginning December 15, 2003.

Banc of America Securities LLC
 
Citigroup
 
Morgan Stanley

Joint Book-Running Managers

ABN AMRO Incorporated
JPMorgan		   Deutsche Bank Securities
Wachovia Capital Markets

Co-Managers

September 17, 2003

MTN 0048

Interest Determination Date(s):   2 London and New York Business Days prior to the related Reset Date.   Interest Period(s):   From and including the previous Interest Payment Date (or Original Issue Date, in the case of the first Interest Accrual Period) to but excluding the current Interest Payment Date (or Maturity Date, in the case of the last Interest Accrual Period).

Lock-in Period Start Date:
 
Not Applicable.
 
Accrual Method:
 
Actual/360.
Maximum Interest Rate:   Not Applicable.   Minimum Interest Rate:   Not Applicable.

Form:
Book-entry.

Denominations:
$10,000 minimum and integral multiples of $1,000 in excess thereof.

Trustee:
JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank.

Agents:
The following agents are acting as underwriters in connection with this issuance.

 
                Agents
 
Principal Amount of Notes

 
Banc of America Securities LLC
 
$200,000,000.00
  Citigroup Global Markets Inc.     200,000,000.00
  Morgan Stanley & Co. Incorporated     200,000,000.00
  ABN AMRO Incorporated       37,500,000.00
  Deutsche Bank Securities Inc.       37,500,000.00
  J.P. Morgan Securities Inc.       37,500,000.00
  Wachovia Capital Markets, LLC       37,500,000.00
     
          Total   $750,000,000.00

Issue Price:
100%.
 
 

Agents' Commission:
0.125%.
 
 

Net Proceeds:
$749,062,500.
 
 

Concession:
None.
 
 

Reallowance:
None.
 
 

CUSIP Number:
78442F BF4.
 
 

ISIN Number:
US78442F BF45.
 
 



Obligations of SLM Corporation and any subsidiary of SLM Corporation are not guaranteed by the full faith and credit of the United States of America. Neither SLM Corporation nor any subsidiary of SLM Corporation (other than Student Loan Marketing Association) is a government-sponsored enterprise or an instrumentality of the United States of America.

MTN 0048